Authorizes certain judges to transfer service credit from the District Attorneys' Retirement System to the La. State Employees' Retirement System without cost
Impact
The implications of HB 93 on state law are significant as it enhances the retirement options for a specific group of judiciary members, potentially encouraging judges to transfer their service credits, which might lead to an increase in benefits payable from the LASERS. The financial aspects of this transfer are directed to be funded by the excess interest earnings of LASERS earned prior to July 1, 2019, establishing a specific financial mechanism to support this change without placing immediate costs on the judiciary members or general state funding.
Summary
House Bill 93, introduced by Representative Shadoin, aims to authorize certain judges—specifically those who took office prior to October 2, 1996—to transfer service credit from the District Attorneys' Retirement System (DARS) to the Louisiana State Employees' Retirement System (LASERS) without incurring any costs. The bill amends existing laws to extend similar benefits previously available for judges who took office before July 1, 1986, ensuring that these judges can manage their retirement benefits more effectively.
Sentiment
The sentiment surrounding HB 93 is generally positive, particularly among the judiciary and advocacy groups for judicial rights. Supporters contend that this bill provides necessary recognition and support to judges for their long service, allowing for a smoother transition between retirement systems. However, there may be concerns about the implications of such transfers on the overall health of the retirement systems involved, hence some legislative caution could arise regarding the financial sustainability of the funding sources mandated by the bill.
Contention
Despite the overall support for HB 93, some contention does exist regarding the fiscal responsibility of the proposed changes. Critics may argue about the reliance on excess interest earnings, questioning whether these funds will adequately cover the potential increase in obligations arising from the transfer of service credits, especially if participation in the program exceeds expectations. Furthermore, discussions may arise concerning the fairness of offering such benefits exclusively to judges who took office before a certain date, leading to discussions on equity within public service retirement benefits.
Provides for enrollment of new hires of the Harbor Police Department of the Port of New Orleans in the Hazardous Duty Services Plan in the La. State Employees' Retirement System and for administration of the Harbor Police Retirement System by the La. State Employees' Retirement System (OR INCREASE APV)
Provides for enrollment of new hires of the Harbor Police Department of the Port of New Orleans in the Hazardous Duty Services Plan in the La. State Employees' Retirement System and for merger of the existing Harbor Police Retirement System into the La. State Employees' Retirement System (EN INCREASE APV)
Provides that certain employees of the Eastern La. Mental Health System are eligible for membership in the Hazardous Duty Services Plan in the La. State Employees' Retirement System (EG INCREASE APV)
Provides for the transfers of accrued benefits of certain members of the La. State Employees' Retirement System and to Teachers' Retirement System of La. under certain conditions
Provides for the incorporation of the Registrars of Voters Employees' Retirement System into the Louisiana State Employees' Retirement System (OR SEE ACTUARIAL NOTE)